All articles by Richard Irvine-Brown
Richard Irvine-Brown
UK consumer finance faith low point
Martin Wheatley, head of the FSA, told the BBCs Today programme in the wake of the payment protection insurance (PPI) mis-selling furore and the Libor fixing scandal society has lost confidence in banks, in finance, in the whole system; we need to restore that.
HPI backs FLA-DVLA scheme
Vehicle information provider HPI has announced its support for the automobile recovery scheme announced earlier this week between the Finance & Leasing Association (FLA) and Driver and Vehicle Licensing Agency (DVLA). Under the scheme vehicles impounded by the DVLA for having no road tax and found to have outstanding finance will be returned to the finance companies The scheme is similar to that already run between the FLA and AVCIS (ACPO Vehicle Crime Intelligence Service) to return vehicles impounded having no insurance, and reported by HPIs Crushwatch service.
Allianz and VW global insurance venture
Allianz SE and Volkswagen Financial Services (VW FS) have announced a joint venture to supply cars, insurance, guarantees and finance in a single package to VW customers worldwide. The venture, called Volkswagen Autoversicherung AG, will be based in Germany, home of both companies, and launch 1 April 2013, Reuters has reported, with 400m (£318m) invested in the next six years. In the German market, the companies are hoping to increase insurance penetration in car sales to 40% by the end of 2017, increasing insurance contracts sold from 150,000 to 350,000, and the stock of policies from 700,000 to 1.2 million.
Minority of dealers focus on short-term sales
Despite evidence of optimism on the forecourt for September sales and finance, just over an eighth of dealers are gambling on short-term gains in market share, according to the latest car industry report from financial analysts Plimsoll Publishing. While a cross-section of dealerships surveyed by Motor Finance around the September change to the 62 registration plate, a regular boost to sales in the UK, found the majority of dealers confident of the performance, Plimsoll has reported 134 of 1,000 dealers have increased sales based on an unsustainable business model.
SAF buoyed by milestone, eyes independents
The Finance & Leasing Association (FLA) plans to expand the Specialist Automotive Finance (SAF) scheme, according to its head of motor finance, Paul Harrison. Harrison told Motor Finance he was very pleased with the progress of SAF, which saw the 2,000th showroom to achieve approval under the scheme last week Harrison said the aim was to expand this reach and the FLA would now be talking to the top 50 groups, confident SAF would achieve very strong coverage before the year is out.
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Bridford predicts pick up from Paris Motor Show
Prestige car finance provider Bridford has predicted headline launches at the Paris Motor Show this week will stimulate sales of Septembers 62 registration plate. While UK dealerships surveyed by Motor Finance were, in the majority, positive about sales at the start of the month, Bridford has claimed the September plate change has not been all that could be expected. Sales throughout 2012 have surpassed expectations and, typically, September is the second busiest month of the year for new registrations behind March as consumers look to buy the new number plate
Supply and grading impinge on auctions
The shortage of used quality vehicles will not ease by as much in the final quarter of 2012 as hoped, according to Roger Woodward, managing director of CD Auction Group. When making the prediction, Woodward also stated his opposition to a common auction grading system proposed for members of the National Association of Motor Auctions (NAMA) and spoke of difficulties inherent in Glasss brave attempt to begin a new valuation system for auction vehicles. Although Woodward said the wholesale market for used cars was likely to ease before the end of the year, the market is still tight so condition and specification remain critical, he added.
Webzation to rebrand as iVendi
Webzation, technology supplier to around 600 car dealerships in the UK, is to rebrand as iVendi at the end of October. James Tew, chief executive at Webzation, said the company and its products were being redesigned and will now be offered as a technology platform instead of single e-commerce services. After the rebrand, iVendi will continue to supply Webzation software such as Quoteware, allowing dealers to incorporate finance products in to their websites.
Andrews takes reins at Ford Credit
The UK operation of Ford Credit, the captive finance provider to US manufacturer Ford Motor Company, has appointed David Andrews as its managing director. Andrews has moved from his position as director of European risk at Ford Credit Europe following two decades and numerous roles at the company. Andrews takes over from John Coffey who moves to Ford Credit Europe as chief risk officer after six years as managing director.
Record Crushwatch enquiries and £3m recovered
There were a record number of enquiries to the Finance & Leasing Association Vehicle Recovery Scheme in August, leading to the recovery of £3.06m-worth of vehicles with outstanding finance.